“Al Hariri” as Chairman and HH Sheikh “Al Qasimi” as Vice Chairman
The Board of Directors of Saraya Islands PJSC, domiciled in Ras Al Khaimah (RAK) in the United Arab Emirates, announced the election of Sheikh Saad Al Din Al Hariri, Chairman of Saraya Holdings Limited, as Chairman of Saraya Islands, and His Highness Sheikh Ahmad Bin Saqer Al Qasimi, Chairman of Ras Al Khaimah Ports and Customs Department, as Vice Chairman during the Company’s first Board of Directors' meeting. Additionally, the Board of Directors approved an investment by Saraya Real Estate MENA Fund as a founding shareholder in Saraya Islands PJSC.
The meeting, held in February 2007 at the Investment and Development Office (IDO) in Ras Al-Khaimah, was attended by the Board members of Saraya Islands, representing the founding partners: Dr. Izzat Dajani, Chief Executive of IDO, Mr. Ali Kolaghassi, Vice Chairman and CEO of Saraya Holdings Limited, Mr. Ibrahim Saad, CEO of AB Capital Dubai, a subsidiary of the Arab Bank, Mr. Shahab Gargash, Founder and Chief Executive Officer of Daman Investments PSC and a board member of Saraya Real Estate MENA Fund.
The Saraya Islands Project, launched during Cityscape 2006, the largest real estate platform in the world, will occupy a unique natural location in Julfar Island, which runs parallel to Ras Al Khaimah coastline and the Hajjar Mountains. The Project comprises an area of approximately over 1.2 million square meters. The founding partners of Saraya Islands are the Investment and Development Office of the government of Ras Al Khaimah, Saraya Holdings Limited and a subsidiary of Arab Bank Plc, in addition to Saraya Real Estate MENA Fund which recently joined the founding partners.
Saraya Islands consists of four islands inter-connected with the mainland through a series of appropriately scaled resort-style roads and bridges. These islands are called: al-Boum, al-Marsa, al-Sahab, and al-Wahat. Each of these islands is designed as a gated community for the exclusive use of its residents and Saraya Islands clients. The central island, Al Marsa, forms the focus of the development with its Ibn Majid Center, a 5-star hotel, marina and sea-view serviced apartments. The Ibn Majid Centre will be accessed from the "Saraya Village" on the mainland, which will accommodate a retail market, offices and parking facilities. Situated south of Al Marsa Island is Al Boum Island, a family resort holiday and leisure destination with two hotels, serviced villas, water theme park, sports centre, planetarium, Ibn Majid Sailing Institute and Mangrove bungalows. Al-Sahab Island located to the immediate north of Al-Marsa Island is exclusively dedicated to a resort and spa development, whereas, Al-Wahat Island, located to the north of Al-Sahab is a high-end residential island with palatial villas, sea-view beach villas, lagoon and beachfront view villas.
Moreover, the Saraya Islands project will encompass retail shops, restaurants, entertainment and leisure facilities, outdoor sports courts, a planetarium, pedestrian pathways and boardwalks as well as Sailing, fishing and navigation facilities, car parking, sandy beaches, tidal exploratory walkways, and a bird observatory. The first phase of the project is expected to be completed by 2012, transforming the area into a world-class tourism destination.
